Crude oil futures soared on Monday as investors were buoyed by hopes of a future plan by OPEC implementing production limits, according to Bloomberg MarketWatch. On the New York Mercantile Exchange, September West Texas Intermediate crude tacked on $1.25, or 2.8%, to settle at $45.74 a barrel—the highest settlement since July 15. October Brent crude, …
Category: Oil & Gas
Templar Energy Announces Agreement to Restructure $1.45B Debt
Oklahoma City-based Templar Energy LLC and its affiliates announced on Monday that it has reached an agreement with most of its lenders to restructure $1.45 billion in debt and reorganize the company, according to a report by The Oklahoman. Under terms of the restructuring support agreement, the $1.45 billion in debt would be converted into …
Three New Independent Directors to be Added to Williams Board
The Williams Companies announced on Monday that it intends to appoint three new independent directors to its Board of Directors, prior to the company’s annual meeting, according to a Williams press release. The Tulsa-based pipeline company will expand the board to 10 directors, all of whom will stand for election at the company’s annual meeting set …
Chesapeake Acquires $1B Loan to Buy Back Senior Debt
In an effort to reduce its mounting debt, Oklahoma City-based Chesapeake Energy Corporation has obtained a 5-year, $1 billion secured loan and will use the proceeds to refinance debt with higher interest rates, according to a NewsOK report. “Chesapeake expects this financing and the tender offers to improve its financial flexibility as it will allow …
Oklahoma Energy Index Posts Positive Increase, First Since 2014
The Oklahoma Energy Index posted positive growth for the first time nearly two years, according to a report by the Tulsa World. A comprehensive measure of the state’s oil and natural gas industry activity, the Energy Index rose to 157.6, a 3.2 percent increase from the previous month’s reading. The Energy Index is a joint …
Magellan Completes New Pipeline From Fort Smith to Little Rock, Arkansas
Tulsa-based Magellan Midstream Partners, L.P. has successfully completed a $200 million, 210-mile Arkansas pipeline extension project connected to refineries in Oklahoma, Kansas and the Gulf Coast, according to a Journal Record report. “There are periods of time during the year when (those) refineries produce the lowest-cost gasoline in the region, and so now they’ll have …
Baker Hughes: Rig Counts Jump in the Texas Permian Basin
The number of active U.S., Canadian and international rigs surged dramatically this week, according to the Baker Hughes rig count released on Friday. The U.S. rig count rose by 17 to reach 481 active rigs after hitting a record low of 404 in May. Overall, the U.S. is down 403 rigs from last year’s figures. …
WTI and Brent Crude Post Best Weekly Gains Since April on Friday
Bolstered by Saudi Arabia’s eagerness to rebalance the market, oil futures snapped back from a recent slump on Friday by posting their best gains since April, according to Bloomberg MarketWatch. September West Texas Intermediate crude rose $1, or 2.3%, to end trading at $44.49 a barrel on the New York Mercantile Exchange, representing its highest …
Kansas Regulators Issue Order Restricting Wastewater Injections
The Kansas Corporation Commission approved an order on Tuesday that restricts the amount of oilfield saltwater injections which are introduced into the Arbuckle formation in parts of five counties located in south central Kansas. The state regulatory panel hopes that the new rules will place more restrictions on the volume of wastewater that can be dumped …
Tuttle Grasps With Benefits and Burdens of LINN Energy’s New Plant Construction
In Grady County, construction of a new natural gas compression plant is the center of controversy. Houston-based LINN Energy is currently building the facility in the community of Tuttle. The compressor plant, located off Highway 37 on Cemetery Road, is expected to process around 60 million cubic feet of natural gas per day while serving …